House prices are still falling in many parts of the country
House prices in England have reached a record high, according to figures from the Office for National Statistics (ONS).
The ONS house price index for England alone is now 0.9% higher than it was at the previous peak in January 2008.
Overall, the ONS said UK house prices were 3.3% higher in July 2013 than a year ago, up from 3.1% last month.
But large rises in London and the South East are distorting the figures for the whole country.
Excluding London and the South East, prices in the rest of the UK only rose by 0.8% in the year to date, and prices are falling in Scotland and Wales.
A range of other statistics, including mortgage approvals and transactions, suggest that the UK is still a long way from another house price boom.
The most recent figures from the Land Registry, which records house sales in England and Wales, indicate the market is well below the peak reached in November 2007.
Source: BBC News - Business http://www.bbc.co.uk/news/business-24124904#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
